Bangladesh Bank on Monday raised the limit of overseas IT expenses for individual mobile app and game developers or freelancers to $500 from existing $300 in a calendar year.
For remitting the extended limit abroad, the freelancers or developers must have certificates in any of the criterion — acknowledgements, training, bootcamps, hackathons and course participation certificates — on mobile application development.
The expenses can be remitted through virtual cards including debit, credit and pre-paid cards, said a BB circular issued on the day.
The limit was enhanced to facilitate freelancers or developers for meeting bonafide needs, it said.
Apart from the $500 limit, developers or freelancers were also permitted to remit their bonafide business expenses from their balance with Export Retention Quota accounts through digital wallet, BB said.
To this end, BB allowed banks to release IT expenses within the permissible limit on behalf of the individuals through their national accounts maintained with online payment gateway service providers (OPGSP).
In settling such transactions through national account of OPGSPs, the authorised dealers were asked to arrange required amount in their nostro accounts, an account that a bank holds in a foreign currency in another bank.
The ADs of banks were also asked to ensure secure and stable online transaction platform along with fulfilment of documentation requirement.
In case of refund, the ADs were asked to receive the amount from OPGSPs and refund the same to the remitters.
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